Brazil’s Ministry of Finance has received 113 licence applications from company’s looking to enter the country’s regulated sports betting and online gaming market.

The Ministry said that interest in the market, which is scheduled to open in January 2025, has exceeded expectations, with work now underway to issue decisions on the applications before the end of the year.

The priority window has now closed but the Ministry continues to accept licence applications, although decisions may not be made before the market opens.

The Prizes and Betting Secretariat of the Ministry of Finance (SPA-MF) has received 113 requests for authorization from 108 companies.

If all of the applicants are approved, the Ministry could raise up to R$3.4 billion (€546.5 million) this year, solely from the payment of concessions.

SPA-MF Secretary Regis Dudena said that the number of requests exceeded market estimates, which “indicates the confidence and legal certainty of the regulation of the Ministry of Finance, and places Brazil as one of the largest regulated markets in the world”.

“The conclusion of the initial phase of the authorization process, with this significant number of requests, was a success,” said Dudena. “The Ministry of Finance has been working hard on regulation and has established strict criteria for protecting gamblers and rules for the market.

“The sector responded positively, showing that there are many serious companies that intend to operate in compliance with the legislation, which is the best way to meet the personal, social and economic needs of the activity.”

Dudena added: “The period without rules is coming to an end. With the conclusion of the adaptation phase, the market has already understood that there is only one way to operate nationally in Brazil: complying with the law and rules, respecting people and with authorization from the Ministry of Finance.”

All approved brands must only operate on sites with the “.bet.br” domain, with companies to be monitored and supervised by SPA-MF through a system developed specifically for this purpose.

This database will allow the government to monitor various types of activity, including the behavior of bettors, the volume of bets, and losses and prizes, and to calculate taxes due.